Years of Member Service

Transcription

1 FIRSTOn NEW YORK Money THE MARCH/APRIL 2017 Years of Member Service

2 A Letter from the President/CEO Schenectady Teachers Federal Credit Union was formed in 1937 by a group of caring individuals who knew a financial cooperative would make a difference in the lives of many. They were right. 80 years later the credit union is financially strong, technologically forward thinking and member focused. As we began, our name, Schenectady Teachers Federal Credit Union, accurately reflected our intent to provide services to educators and their families in the Schenectady area. Our name was changed to First Teachers FCU to welcome additional school districts and partners into our membership. In 2004, we adopted our First New York FCU name after being granted the 5-County Community Charter that allows us to serve anyone who lives, works, worships or attends school in the counties of Albany, Schenectady, Rensselaer, Schoharie or Saratoga. At First New York, we serve over 31,000 members that include your family, friends and neighbors. To celebrate the growth of the credit union we are offering three promotions that will save you money and put you on the right financial path to realizing your dreams. During the months of March and April, First New York will pay all of the closing costs for a Home Equity Loan or Home Equity Line of Credit this means mortgage tax, too. We will help you build your dream addition, pay for your children s education or consolidate your debt without closing costs. Now is the time to refinance your auto loan from other financial institutions. During March and April, we will pay you up to $ when you refinance your auto loan with First New York. Not everyone needs a Home Equity loan or has an auto loan but everyone can use an extra $5.00. During the months of March and April, sign up for e-statements and we will deposit $5.00 into your account. It s easy and it s green. You save the paper and we give you the green. In 2017, we continue the tradition of a financial cooperative designed to save you money with competitive loan rates and convenient services. We offer auto loan rates as low as 1.74% APR with an easy application and approval process. We approve loans for those with stellar credit and those who have hit a bump or two along the way. We offer you a free copy of your credit report with advice on how to improve your score. We offer free debit cards, free checking accounts, free internet banking and free mobile banking. We love what we do, and we know that we would not be in business if it were not for you. Thank you for being a member at First New York FCU and entrusting your finances to us. Sincerely, Lucy Gottung Halstead, President/CEO What s Happening at FNY 2017 Annual Meeting, Wednesday, April 26, 5:30 p.m. Stockade Inn, 1 North Church Street, Schenectady Free Seminars Solar Seminar Thursday, April 6, :00 p.m. 7:30 p.m. First New York Community Room 2 Wall Street, Colonie Home - Buyers Seminar Thursday, April 27, :00 p.m. - 7:30 p.m. First New York Community Room 2 Wall Street, Colonie Investment Property Seminar Wednesday, April 5, :00 p.m.- 7:30 p.m. Capital Region Chamber of Commerce 5 Computer Drive, Albany Holiday Closings Memorial Day Saturday, May 27, 2017 and Monday, May 29, 2017 Visit our Used Auto Sale! On April 8th from 9 a.m.-1 p.m. at our Niskayuna branch, 1776 Union Street, Niskayuna

3 Home Equity Loans Let your home work for you Looking to renovate your home or consolidate debt? A home equity line of credit (HELOC) is a great way to leverage the value of your home and ensure you have funds available for whatever you need. The Run Down Borrow up to 90% of the value of your home up to $417,000 No annual fees Quick Approval Process During March & April - No Closing Costs and We Pay the New York State Mortgage Tax Too!* There are two ways to get value from your home. The home equity line of credit type depends on your situation and your needs. Compare the options: Variable Home Equity Line of Credit Revolving line of credit for 10 years 25-year repayment term Introductory rate as low as 1.99% APR* Fixed Home Equity Line of Credit Low, fixed interest rate for the life of the loan Revolving line of credit for 5 years with a fixed rate Flexible repayment terms 10, 15, 20 years We make it simply to apply - no need to visit a branch Apply online at and click the Apply Now tab on the home page or contact a Loan Expert at and press 3. *Closing costs including the New York State Mortgage Tax paid by First New York on behalf of the borrower. No closing costs offer ends 4/30/17. Reimbursement of fees will be added to the payoff amount of the loan if the home equity line of credit is paid and closed within three years of closing. Title insurance may be required. Minimum loan amount is $10,000, maximum is $417,000. **Annual Percentage Rate. SPECIAL INTRODUCTORY OFFER: Rates for Home Equity Line of Credit (HELOC) are variable. Special Introductory Rate is as low as 1.99% APR for the first 13 months then as low as prime plus 0.00% APR thereafter. Rates are based on 80% combined loan-to-value with a 25 year repayment term and are based on the Prime Rate published in the Wall Street Journal with an 18.00% APR lifetime ceiling and a 4.00% APR lifetime floor. Prime Rate as of February 2017 is 3.75%. This is a limited time offer and only applies to new First New York loans. All loans are subject to credit approval and actual rate may vary. 3

4 Defensive Driving Classes Save 10% on your auto insurance and reduce points on your NYS license*. The cost for each class is $22 per person and reservations are required. Seating is limited. To reserve your spot call ext Online defensive driving classes are also available at Saturday, April 8 9:00 a.m. 3:30 p.m. Monday, May 15 and Wednesday, May 17 6:00 p.m. 9:00 p.m. Tuesday, June 6 and Thursday, June 8 6:00 p.m. 9:00 p.m. First New York, Community Room 2 Wall Street, Colonie Sponsored by First New York Federal Credit Union and Liberty Mutual *Actual discounts and point reductions may vary. Consult with your auto insurance carrier for more details. Upcoming Community Shred Days The events run from 9 a.m.-1 p.m. June 10 - Albany Branch 818 Central Avenue June 24 - Saratoga Branch 424 Maple Avenue (Route 9) July 8 - Cobleskill Branch 795 East Main Street August 5 - Glenville Branch 19 Glenridge Road August 19 - Niskayuna Branch 1776 Union Street September 9 - Rotterdam Branch 1879 Altamont Avenue There is a 100 lb. maximum of shredding per person. 4 Join Us for Our 2017 Annual Meeting 0 8Years of Member Service Election for the Board of Directors Two positions on the Board of Directors are open for election at the 2017 Annual Meeting for First New York Federal Credit Union scheduled for Wednesday, April 26, A nominating committee consisting of Richard L. Palmerino, Gary Comley and David Wagner has nominated two individuals to stand for re-election for three year terms: Charles R. Smith and Timothy E. Schramm. Charles R. Smith Charles R. Smith has served on the Board of Directors of First New York FCU since He has held the position of Chairman of the Board since Previously he served as a member of the Supervisory Committee. He holds a Bachelor of Science Degree from SUNY Brockport and a Masters Degree in Education Administration from SUNY Albany. He is retired from the City of Schenectady Public Schools where he held various positions including teacher, assistant principal, and principal. Wednesday, April 26, 2017 Business Meeting begins at 5:30 p.m. (light refreshments) Stockade Inn 1 North Church Street, Schenectady To RSVP, please call the Marketing Department at ext by April 19, Timothy E. Schramm Timothy E. Schramm has been a member of First New York FCU since In May 2001, he began serving as a volunteer on the Supervisory Committee and from 2011 he served in the position of Associate Director. He was appointed to the Board as a Director in He earned a Bachelor of Science degree from the University of Wisconsin at Madison. Mr. Schramm is the database administrator for the City School District of Albany where he has worked since Nominating petitions on behalf of members seeking election to the Board of Directors may be completed and returned to the credit union by close of business April 10, Petitions must be signed by at least 1% of the membership, with a minimum of 311 and a maximum of 500 signatures. A resume of qualifications, experience and biographical information should be provided, along with a signed statement indicating a willingness to serve should you be elected. Petitions are available by calling Terri Clasen at , ext. #1201. Nominations will not be accepted from the floor during the Annual Meeting, and there will be no balloting if there is only one nominee for each vacant position. BOARD OF DIRECTORS Charles R. Smith Chairman of the Board Brian Krawiecki Treasurer Ronald Szczepanski, Ph.D. Secretary Matthew Lynch Director Timothy Schramm Director Donna Michele Director Kevin Veitch Director Erin Coufal Associate Director Erin Hughes Associate Director Richard Palmerino Director Emeritus SUPERVISORY COMMITTEE Richard Arthur Chairman James Dunham Robert Roback, Jr.

5 Free Seminars Going Green= $ 5 Sign up for e-statements today! Receive $5 during when you sign up for e-statements, our free electronic statement service. Available from March 1- April 30. Some of the benefits to switching your paper statement to e-statements include: Faster Delivery - with e-statements you can access your account statement much quicker than if you receive your statement through the mail. More Secure - your statement is not ed to you, and it can t be viewed by anyone with access to your . We send you a notification that your e-statement is available on First OnLine. To view your statement log in to our home banking product, First OnLine, which has multiple layers of security. Receiving your statement electronically also reduces the risk of identity theft since a mailed statement can be delivered incorrectly or stolen from your mailbox. Convenient - you no longer have to keep printed statements for your records because your statements are archived electronically for 24 months. It s Cookie Time! First New York has partnered with The Girl Scouts of Northeastern New York to offer our branch locations for their cookie sales. Look for the Scouts at our various branches selling their delicious treats on Saturdays from 9 a.m.- 1 p.m. For a list of cookie sale locations, please visit our website at and select the Events tab. Environmentally Friendly - we all want to do what we can to reduce our carbon footprint. Electronic mail is much kinder to the environment than having a paper statement printed and delivered. Saves First New York Money - by choosing electronic statements rather than paper statements you can help the credit union reduce its expenses. Every dollar we save is a dollar we can return to our members in the form of lower fees and low rates on our loans. Enroll in e-statements by visiting First OnLine, clicking e-statements under the accounts page and following the simple instructions to enroll. If you need assistance signing up, contact a Member Service Specialist at and press 2. Solar Seminar Thursday, April 6, :00 p.m. 7:30 p.m. First New York Community Room 2 Wall Street, Colonie To register, please call ext by April 5. You ll learn how solar systems work on your home and how solar can save you money and help preserve our environment. We will also be covering financing, state incentives, site assessments and tax credits. Home Buyers Seminar Thursday, April 27, :00 p.m. - 7:30 p.m. First New York Community Room 2 Wall Street, Colonie First New York would like to help take the mystery out of the home-buying process and walk you through the steps from applying for a mortgage to moving into your new home. Hear from professionals in the mortgage industry, including an Attorney, Real Estate Broker, Home Inspector and a Mortgage Lender. All attendees will receive a coupon for $200 off closing costs on mortgages obtained through First New York. Seating is limited. To reserve your spot, call ext by April 26. Investment Property Seminar Wednesday, April 5, :00 p.m.- 7:30 p.m. Capital Region Chamber of Commerce 5 Computer Drive, Albany Guest Speaker: Bill Chow, Commercial Business Development Officer, First New York Federal Credit Union To reserve your spot, please call ext.1804 by April

6 Finance or Refinance We ve Got You Covered Whether you are looking for a new or used auto, First New York offers financing that will put you in the driver s seat of your dream car for less. Of all of our products and services, members tell us that Auto Loans continue to set us apart from the banks. Our low rates mean more affordable monthly payments. Our terms give you flexibility including the ability to earn up to $150 cash for refinancing your current auto loan. Follow these steps before you buy: Get pre-approved for your loan with First New York. Take notes. If you plan to shop around, this will help you remember what each car has to offer. Ask questions. This is a big decision. By receiving a pre-approval, you can take the guesswork out of the loan process and concentrate on getting the best deal for your car. To make sure you are getting the best rate and deal, give us a call before you finance anywhere else. Visit our Used Auto Sale! On April 8th from 9 a.m.-1 p.m. at our Niskayuna branch, 1776 Union Street, Niskayuna Refinance your current auto loan from another financial institution for as low as 1.74% fixed APR*, plus we ll give you up to $150.** Already have an auto loan with another financial institution? Refinance with us for a lower rate. You could reduce your monthly payment and save money over the term of the loan. Why Refinance your Auto Loan with First New York? Lower your monthly payment Pay off your loan faster Enjoy competitive rates as low as 1.74% APR* Get up to $150** cash We ll give you up to $150 ** to make the switch! Offer ends April 30, 2017 Applying is quick and easy! Apply anywhere, anytime at or call and press 3 to speak to a Lending Expert. *Fixed Annual Percentage Rate (APR). Rate listed includes a 0.25% APR discount for automatic loan payments. 1.74% APR rate is based on model years with a 24 or 36 month term. Rates are current as of 2/1/2017 and are subject to change at any time. Financing up to 100% of book value or purchase price, whichever is lower, plus tax, title, registration and warranty. Other rates and terms may apply. All loans are subject to approval and actual rate may vary. **Minimum loan amount eligible for cash back offer is $7,500 and actual amount of cash back will be determined by amount of final amount financed. Offer applies to model years only. Does not apply to existing First New York loans. Cannot be combined with any other offers. Offer expires 4/30/ On the Money

7 Tell Us Where You Want To Go. We ll Help You Get There. Perhaps you re just beginning to build the foundation for your future, or maybe you re an empty nester with the new found freedom to travel and pursue lifelong dreams. Maybe you are nearing retirement, hoping to maintain a comfortable lifestyle while ensuring you won t outlive your assets. Whatever your stage of life, Don Dorr, our MEMBERS Financial Representative, can help with top-notch financial and investment advice. He uses a full spectrum of investment tools and options designed to help you achieve your dreams. Don Dorr has the depth of knowledge and the breadth of experience to guide you to where you want to go. From a full range of offerings, he will help you choose the investment options that will help you best reach your financial goals. At First New York, you can trust us to help you build your wealth. To arrange a no-cost, no-obligation meeting, simply call Don Dorr at ext Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. We Can Help Your Business Thrive Let us help you with your financial needs. Secured Business Lines of Credit Overdraft protection for your business checking Business Credit Cards Commercial Vehicle Loans Get your business rolling in the right direction with a commercial vehicle loan. Competitive rates Up to 100% financing on qualified vehicles Vehicles can be titled in the business name No prepayment penalties Investment Property Loans Reap the rewards of an investment property loan. Low interest rates Variety of repayment terms 5/5 ARM, 10 Year balloon, up to 25 year amortization No prepayment penalties Purchase or refinance your property up to 80% LTV Since the beginning, we ve been with our members every step of the way. Online and Mobile Banking with Bill Pay Business checking accounts Instant Issue Visa Debit Cards Competitive business loan produts For all your business needs, call Bill Chow, Commercial Business Development Officer at and press #1008 or william.chow@firstnewyork.org. 7

8 Banking at the Speed of Life Manage your finances anytime, anywhere with Mobile Banking! Our mobile banking services delivers account access to you anywhere, anytime, through your mobile phone or tablet. So regardless if you are at home, at work, or at play, you can be in touch with your First New York accounts, day and night. Mobile banking is available, FREE*, to all members. *Carrier rates may apply for text banking. With First New York : Deposit checks with Remote Check Deposit Send money through Popmoney Login with the touch of a finger using Touch ID Pay Bills Transfer funds between accounts Locate Free ATMs & Shared Branches Set alerts to notify you of account activity Transfer money Text banking To get started Visit the App store, Google Play or Amazon and search First New York. Once you download our app, the login process is simple; just use your established First OnLine username and password. Not a First OnLine user? Simply enter your First New York account number as your username and the last 4 digits of your social security number as your password. Follow the prompts to log in and access your account. Saving is Fun! Join First New York s KID$ Banking Program Our KID$ savings program helps children understand that saving their money and watching it grow is not only fun but very rewarding. Some of the ways First New York is helping children learn is by teaching them that even a small deposit each week adds up to significant savings. This basic understanding of saving and the pride that it instills will carry with them throughout their life. We make saving money fun and interactive by rewarding our children with prizes for every 5th deposit they make. Plus, student members in grades K through 12 can earn $20 per year for bringing their quarterly report card in to any one of our branches. Additionally, First New York partners with over 28 Capital Region schools to bring our KID$ program right to their school. Visit us online at for a full list of participating schools. The in-school banking program is fun and an interactive way to provide hands-on banking experience right in the child s school. At regularly scheduled bank days, students can open memberships and make deposits to their accounts. If your student s school does not participate, visit any First New York Branch to enroll. If your school is interested in receiving more information on our in-school program, contact Sayla Eisner-Mix at ext or sayla.eisner-mix@firstnewyork.org. 6 On the Money 8

9 With This Rate You Would be Excited Too! Get purchasing power, perks, and convenience with a First New York Visa credit card and get the rewards you want with ScoreCard points. Low rates and fees First New York offers all NEW Visa Gold credit card holders an introductory rate of only 6.99% APR* for 13 months. That s a lot of buying power. We also offer no balance transfer fees, whereas many financial institutions charge a 3% fee of the transferred amount. Visa alerts With Visa Alerts, you will receive free, real-time alerts to your and mobile phone to monitor account activity. These alerts serve as an early warning for potential fraudulent activity and help you better manage and track your spending. Quick approval You can apply for a credit card and receive a decision in minutes. Just contact a Loan Expert at and press 3 or apply online 24 hours a day with WebLoan 24 at ScoreCard bonus points First New York Visa credit cards earn Scorecard bonus points for every purchase. You can use your points towards travel rewards such as airline tickets, vacation packages, cruises, hotel stays, rental cars and more. Destinations are worldwide. See why thousands of credit union members choose First New York Visa Credit Cards. Apply today! No Balance Transfer FEE Rates as low as 6.99% APR* No Annual Fee ScoreCard Rewards Quick Approval *Annual Percentage Rate. Special introductory rate is as low as 6.99% for the first 13 months then as low as prime plus a margin thereafter. Prime Rate as of February 2017 is 3.75%. The introductory rate is applicable for balance transfers and purchases only. Rates are subject to change at any time. Offer valid for new First New York credit card holders only. All loans are subject to approval. Life Happens... Make the Most of Your Money Life happens. That s why First New York offers Lifestyle Loans. Every member has a unique lifestyle and deserves a loan that is just as unique. At First New York, we understand that situations arise and you may need money for things which are well, unique. Lifestyle loans help make your dreams come true without building up high credit card debt. Lifestyle Loan Terms Fixed rates as low as 6.74% APR* Repayment up to 60 months Borrow up to $25,000 Our loan covers anything you need. Weddings Cosmetic Surgery Adoption Fertility Treatments Car repairs/improvements Home Furnishings Day Care Expenses Exercise Equipment Veterinary Care Anything Apply online at or call us at and press 3. *Annual Percentage Rate. Rate quoted is for a 24 month term and includes a 0.25% discount for automatic payments. Other rates and terms available. Rates are subject to change at any time and all loans are subject to approval. 9

10 2 Wall Street, Albany, NY First New York s First Annual Used Auto Sale! Get rates as low as 1.74%* APR First New York and 2010 Auto Sales have teamed up to offer members a great opportunity to save money on high-quality used autos. Join us for a Super Sales Spectacular Day at First New York s Niskayuna Branch on: Saturday, April 8th, 9 a.m. 1 p.m Union Street, Niskayuna Get pre-approved before the sale, call and press 3, online at or visit any First New York Branch. Lending Experts will be on site for immediate approval. Annual Percentage Rate. Rate is fixed. Rate listed includes a 0.25% APR discount for automatic loan payments. 1.74% APR rate is based on model years with a 24 or 36 month term. Rates are current as of 2/1/2017 and are subject to change at any time. Financing up to 100% of book value or purchase price, whichever is lower, plus tax, title, registration and warranty. Other rates and terms may apply. All loans are subject to approval and actual rate may vary. Mobile: m.firstnewyork.org Text: First New York mobile Main Number (518) (800) banking app available on: Locations Niskayuna ATM 1776 Union Street Cobleskill ATM 795 East Main Street Glenville ATM 19 Glenridge Road Albany ATM 818 Central Avenue Rotterdam ATM 1879 Altamont Avenue Saratoga Springs Drive-up ATM 424 Maple Avenue (Route 9) Colonie Drive-through Service 2 Wall Street (at New Karner Rd) & Community Room Website member.services@firstnewyork.org Your savings federally insured to at least $250,000 and backed by the NCUA full faith and credit of the United States Government National Credit Union Administration, a U.S. Government Agency On the Money is a newsletter published for the benefit of First New York Federal Credit Union members First New York FCU